Everything is definitely bigger in Texas, and this slogan couldn’t be truer for real estate developers.
Texas is arguably the hottest housing market in the country. America’s second largest state boasts a booming economy with affordable home prices in a variety of styles from traditional and Spanish to craftsman and modern.
The metro regions of Austin, Dallas, San Antonio and Houston all have populations of over two million people. New construction is popping up all over the state.
Dallas is becoming a big tech town, with a low unemployment rate and solid property value appreciation. In terms of new development, buyers should look to the north and northwest areas of town. Pricing for new homes ranges from $100,000 to over $1 million. Houston’s urban sprawl is heading in every direction, from Baytown to Sugar Land and up through Conroe.
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While the gulf coast suffers when oil prices tank, Houston has diversified enough to withstand economic downturn. Much of the state’s major market activity is happening in the south central region. The Round Rock area north of Austin has experienced explosive growth.
Likewise, San Antonio is quickly becoming connected to New Braunfels. New home designs range from country to Spanish to large Texas-style brick.
Southwest-style construction is more common in Lubbock, Amarillo and El Paso, although these markets have experienced much slower growth rates.
Texas enjoys a large population, abundant natural resources and leading universities. The state continues to add jobs in all major industries, including professional and business service, transportation, hospitality, finance, trade, healthcare and education. Texas has the second highest GDP nationwide and ties with California for the most Fortune 500 headquarters.
Furthermore, it has the most farmland in the country and leads the United States in livestock and energy production. The Houston market is deeply rooted in oil and gas, while Dallas and Austin continue to attract an array of startups.